Cap1 Secured cash advance

Cap1 Secured cash advance

When I applied for Cap1 secured, I put $1500 behindit. When I got the card, my cash advance limit was $750. Since then I have increased my limits on $500 increments until I reached the max 3K. But my cash advance limit is still $750? What gives? I don't necessarily need it (in fact I'm not looking for it now). But I want to be prepared for an emergency, the biggest reason for having CCs in the first place. Who can I call to get it raised. I just called Cap1 backdoor and got some foreigner who told me me there is nothing I can do.....

Re: Cap1 Secured cash advance

tboy1977 wrote:

When I applied for Cap1 secured, I put $1500 behindit. When I got the card, my cash advance limit was $750. Since then I have increased my limits on $500 increments until I reached the max 3K. But my cash advance limit is still $750? What gives? I don't necessarily need it (in fact I'm not looking for it now). But I want to be prepared for an emergency, the biggest reason for having CCs in the first place. Who can I call to get it raised. I just called Cap1 backdoor and got some foreigner who told me me there is nothing I can do.....

I believe the cash advance limit on mine was less than deposit just like yours (don't remember the amounts exactly). I think you are stuck with it.

Re: Cap1 Secured cash advance

They might not increase it because if they let you take out $1500, when you add on the cash advance fee, and then tack on cash advance APR, your security deposit might not be enough to ensure they don't get cheated out of money if you default.

Re: Cap1 Secured cash advance

I don't want the cash advance......I just want to be dealt with fairly. My goal is to get my secured cards as good as possible so when I finally enter the garden, I will stay a LONG TIME!

Besides 5% of $1500 is $75. I'm sure I wont go that far over limit :-)

You said you want to be prepared, which is why I suggested getting AMEX branded prepaid card instead (free ATM withdrawal). Cash advance has no grace period, so from day 1 you are charged with interest of 24.9% APR.

$750 cash advance limit is a lot actually, considering that my Chase Freedom card has $600 cash advance limit for $3K CL. That and the fact that each ATM imposes limit on cash advance withdrawal (which is more likely to be less than $750), you SHOULD be happy with a $750 cash advance limit. You are already being dealt fairly, perhaps too fairly.

Re: Cap1 Secured cash advance

I don't want the cash advance......I just want to be dealt with fairly. My goal is to get my secured cards as good as possible so when I finally enter the garden, I will stay a LONG TIME!

Besides 5% of $1500 is $75. I'm sure I wont go that far over limit :-)

You said you want to be prepared, which is why I suggested getting AMEX branded prepaid card instead (free ATM withdrawal). Cash advance has no grace period, so from day 1 you are charged with interest of 24.9% APR.

$750 cash advance limit is a lot actually, considering that my Chase Freedom card has $600 cash advance limit for $3K CL. That and the fact that each ATM imposes limit on cash advance withdrawal (which is more likely to be less than $750), you SHOULD be happy with a $750 cash advance limit. You are already being dealt fairly, perhaps too fairly.

Cap1 gave me a 100% cash advanced limit of $3000 which is crazy lol. and definitely. that APR can take you right up to your limit pretty quickly. After one year you'd be at over $1000 dollars

A lot of people who get cash advances usually don't have means to pay them back.

Re: Cap1 Secured cash advance

Cash advance limit has nothing to do with FICO, at all.

Actually, if you take a cash advance on your secured card, they will reduce the limit.

End of the day, taking a cash advance on a credit card is just a bad idea period for a whole lot of reasons and something you should rarely, if ever do, *regardless* of circumstances. It's an even worse idea on a secured card, to the point you're probably just better off closing it if you need the cash. That said, C1 you can deposit gracefully to increase your limit so they and USAA might be exceptions, but it's a pretty silly idea to begin with. Other than paying rent and parking / valet tips, there's really nothing you can't do with a credit card that you can do with cash or a check. Plus you can float a balance on a CC, which you can't do with cash... not to mention the fees and the fact banks REALLY frown on cash advances.

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IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.